Minister of Aviation and Aerospace Development, Festus Keyamo on Wednesday announced that Nigeria is set to receive a dry-leased aircraft on October 6, marking a milestone after 20 years, achieved through his significant personal risk and sacrifice.
The Minister stated this during the groundbreaking ceremony of Air Peace’s maintenance hangar at the Murtala Muhammed International Airport in Lagos.
NewsQuest reports that this dry lease is expected to reduce operating costs significantly compared to the previously common wet leases, benefiting consumers through lower ticket prices and overheads.
Minister Keyamo said that the first dry lease will arrive in Nigeria by virtue of Air Peace after Nigeria was removed from the blacklist globally, owing to the implementation of the Cape Town Convention.
According to him, what had been obtainable all over Nigeria in the last 20 years were all wet leases, but confidence had returned to the Nigerian aviation ecosystem.
He said, the pressure of servicing wet leases mostly fell on the consumers, resulting in high ticket prices, high maintenance costs, and high overheads.
“This is the first time we are going to have a dry lease. Dry lease means that confidence has returned to the Nigerian ecosystem.
“They are giving you your plane. Control it yourself. I wrote a personal guarantee for Air Peace to get that dry lease. I put my life and my reputation on the line,” the Minister noted.
Speaking on Air Peace’s Maintenance, Repair and Overhaul (MRO) facility, Keyamo said that this would save Nigeria, foreign exchange, and capital flight for aircraft maintenance.
“What this is going to save in terms of FX to this country is incredible. Air Peace alone spends about N180 billion yearly for maintenance; imagine what other airlines are spending.
“Monies that should remain within our jurisdiction went out. That is capital flight. With this facility here, we are going to keep that within Nigeria.
“We are now going to attract people to bring in their money, not only ours, but we are going to attract foreign inflows.
“In the whole of West Africa and Central Africa, there are no good MROs. The good thing is that this facility will accommodate wide-bodied aircraft. You do not have such in the whole of West Africa and Central Africa,” Minister Keyamo added.
The Minister recalled that President Bola Tinubu’s official visit to Brazil had paid off because Embraer would be partnering with Air Peace in providing technical support at the facility.
Keyamo said that ensuring local operators thrived is at the core of his mandate and that the Federal Government would always support local airlines.
He also added that the MRO facility would be a game-changer as there would be a stimulator for pilots to cut capital flights and earn foreign exchange.
Minister Keyamo urged commercial banks to return to the aviation ecosystem, adding that no sector can grow without the active support of the financial institutions.
Explaining further, he said that the aviation system had been recalibrated and banks could finance aircraft acquisition, assuring that they would get their money back.
Minister Keyamo said that he had approved four international routes (Italy, Canada, Paris, and Istanbul) for Air Peace.
The Minister expressed concerns that local carriers only airlifted about five per cent of international travellers from Nigeria and wished Nigerian carriers could do more.
It can be recalled that PUNCH Online reported that on August 28, Air Peace announced plans to begin construction of a Maintenance Repair, and Overhaul facility in Lagos in September, with completion expected within 12 to 15 months.
The Chairman Allen Onyema in his remarks said, “By September 17, we are going to inaugurate the commencement of construction of our new MRO, and Embraer will operate maintenance for Embraer jets.
“You will now be able to do it here, and people will also come to Nigeria to do the same.” Onyema stressed that the airline’s endorsement to operate the Nigeria-Brazil route was based on its capacity and readiness, not solely its investment in Embraer.”
According to him, the new route is expected to be launched in the third quarter of 2025 after official endorsements by Presidents Tinubu and Luiz Inácio Lula da Silva.
Onyema said, “In Brazil, they signed several MoUs, but what really impressed me was their partnership approach, one that respects our sovereignty and is mutually beneficial… President Lula’s warmth showed a genuine eagerness to work with Nigeria.”
